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Chap 2: Political, Economic, Legal Systems (WHAT: Political system (the…
Chap 2: Political, Economic, Legal Systems
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WHAT: Legal System
rules that regulate behaviour along with the processes by which law are enforced and through which redress for grievances is obtained.
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Mixed Economies
productinve activites are privately owned & production is determined by the interaction of supply & demand.
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Market Economies
certain sectors of the economy are left to private ownership & free market mechanisms while other sectors have significant state ownership & gov planning.
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Command Economies
Government plans the goods & services that a country producers, the quantity that is produced & the prices as which they are sold.
all business are state-owned, & gov allocte resources for "the good of society"
because there is little incentives to control costs & be effificent, command economies tend to stagnate.
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